The global base oil market size is projected to grow from USD 28.7 billion in 2020 to USD 36.7 billion by 2025, at a CAGR of 5.0% from 2020 to 2025. Surging demand for high-grade oils in the automotive industry, as well as increasing GDP led by increasing industrial activities, is fueling the growth of the market across the globe.
The agreements, as well as plant expansions made by many prominent players in the base oil industry, are one of the key factors. The lucrative market opportunities in the regions of Brazil, Russia, India, and China (BRIC), as well as the rising demand for renewable energy, are expected to boost the base oil market.
Companies such as Chevron Corporation (US), Exxon Mobil Corporation (US), S-OIL CORPORATION (South Korea), Motiva Enterprises LLC (US), SK innovation Co., Ltd. (South Korea), Royal Dutch Shell Plc (Netherlands), Neste Oyj (Finland) fall under the winners’ category. These are leading players in the base oil market, globally. These players have adopted the strategies of expansions, agreements, acquisitions, investments and partnerships, to increase their presence in the global base oil market.
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Chevron Corporation is the leading player in the global fiberglass market and is estimated to have the highest share in the market. Chevron Corporation entered into a three-party collaboration with Schlumberger Limited (US) and Microsoft Corporation (US) to accelerate the creation of innovative petrotechnical and digital technologies. The involved parties in this collaboration will work together to build Azure-native applications in the DELFI cognitive E&P environment initially. The collaboration is expected to enable companies to process, visualize, interpret, and ultimately obtain meaningful insights from multiple data sources.
Another important player in the global base oil market is Exxon Mobil Corporation. In April 2019, Exxon Mobil Corporation finalized the investment decision on a multi-billion-dollar expansion of its integrated manufacturing complex in Singapore to convert fuel oil and other bottom-of-the-barrel crude products into higher-value lube base stocks and distillates. The investment is expected to add 20,000 b/d (barrels/day) of ExxonMobil Group II base stocks, which include EHC 50 and EHC 120 grades, in addition to a new high-viscosity Group II base stock to meet increasing demand in the Asia Pacific region. The purpose of this investment is to cater to the global increase in demand for high-quality fuels and lubricants.
Base Oil Market by Group (Group I, Group II, Group III, Group IV, Group V), Application (Automotive Oil, Industrial Oil, Hydraulic Oil, Grease, Metalworking Fluid), Region (North America, Europe, Asia Pacific, South America, MEA) – Global Forecast To 2025
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